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Bank of Greece Shocked as 30-40 Officials Resign to Bypass Wages & Pensions Cuts

Thirty to forty high-ranking officials at the Bank of Greece have reportedly resigned in order to escape upcoming wages cuts. According to Capital.gr and Proto Thema, the majority of the resigned bank officials have founded ‘right to pension’ and chose to resign in order to avoid the upcoming wages and pensions cuts.

The new regulations approved by the government in the bill about privatizations foresee a cap on the wages of managers/officials of the banking sector and the state-run enterprises (DEKO), determining the highest monthly wage at 2.900 euro per month net or 5,000 euro per month gross.

Here is to note, that the cap refers only to wages and not to extras, bonuses and other privileges officials at the state banks and state-run enterprises enjoy.

What? 5,000 euro per month gross while the country is falling apart, the state pockets are empty, the social cohesion is falling apart and low-incomers are seeking soup kitchens to feed their children? 2,900 euro per month net, when the minimum wage also for a university graduate is 500-580 euro per month gross?

I do not want to even think of the pensions these people receive.

PS the moral of the news? Golden boys and girls are still around in this troubled country 🙁

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7 comments

  1. Why are these people allowed to do this? Once again the elite tries to push thorugh measures that will “save the country”, but with it, they leave the backdoor open for their friends to evade the new measures and carry on as before, while everybody else pays a hefty price for the excesses committed by that same elite.

  2. keeptalkinggreece

    because they’re friends and friends of friends and supporters 🙂

  3. Maybe this will cheer you up. In Ireland, where people are also having theer wages, unemployment benefits etc cut right down to almost Greek levels, the cap on the wage for a bank manager (outside of bonuses etc. of course) is 500,000 € per year.
    The Irish government is thinking of raising it, because they can’t get “The right people”…

    Having said that, it does not, in any way, justify the Greek situation. Neither in an economic, nor in a moral sense. Thee people are proving themselves to be leeches on society, and should be dealt with as such.

  4. Talking about banks and just societies and all that. there was a report yesterday of a bank being investigated for giving loans to “friends and relations” to enable those “friends and relations” to buy shares in the bank…
    this sounds soooo familiar, it’s almost deja vu.
    Just wondering if anybody knows if these loans are, by any chance, non-recourse loans? MEaning, if the borrower fails to pay up, the bank cannot go after them for anything, because there is no “recourse”?

  5. Why are these people allowed to do this?

    That’s a fair question. And I don’t have the answer either. No KTG, it is not “because they’re friends and friends of friends and supporters”. Because all those who are not part of that wide circle are the ones who are still allowing this to go on.
    Almost all measures are retro-actively imposed. But for guys and girls like these the measures lack this back-dating. Making it easy to go out with a last big bite of our cake and live happily ever after, while the rest of us is going down the drain.
    I wonder why pictures of Nicolae and Elena Ceaușescu are suddenly spring into my head…